The Corporate Transparency Act represents a major shift toward disclosure of beneficial ownership, and trusts are not completely immune. Trustees who oversee entities owned by trusts must understand when and how to report, identify who counts as a beneficial owner, and meet the strict filing deadlines. Failure to comply can result in penalties and disrupt trust administration.

The decision of who should oversee your family’s trust is a crucial part of estate planning. Family trustees offer familiarity and a personal touch but can be susceptible to conflicts and mistakes. Corporate trustees provide expertise, impartiality and continuity, though at a cost. There is no universally “best” choice. Consider the trust’s complexity, family relationships, available expertise and desired level of professional oversight.

Serving as an executor is a serious responsibility. The first 90 days are packed with tasks—locating the will, securing assets, notifying heirs and creditors, inventorying property, opening an estate bank account, managing investments, paying debts and taxes, and preparing for distributions. By understanding your duties and following a structured process, you can honor the decedent’s wishes, protect the estate’s assets, and complete probate efficiently. Consult with attorneys

Acting as a trustee involves juggling investments, paying bills, filing tax returns, communicating with beneficiaries, and sometimes refereeing family disputes. Courts and statutes recognize that this work takes time and skill; trustees are not expected to serve without compensation. Many trust instruments simply state that a trustee is entitled to “reasonable compensation.” In California, for example, Probate Code § 15681 codifies the right to a reasonable fee.

By understanding your duties, proactively managing challenges, and maintaining open communication, you can effectively fulfill this critical role. Whether you’re managing a family trust or a more complex estate, the principles outlined in this guide will set you on the path to success.

Taxes are an unavoidable part of trust administration. While trusts are powerful vehicles for managing and transferring wealth, they come with specific filing requirements and deadlines. Missing a due date or filing an incorrect return can result in penalties, interest and personal liability for the trustee. This guide explains when a trust must file a tax return, what forms are required and how trustees can stay compliant.

Trustees are stewards not only of assets but also of data. In an era where cybercrime outpaces traditional theft, protecting that data is a core fiduciary responsibility. By understanding the risks, implementing robust security measures and fostering a culture of vigilance, trustees can significantly reduce the likelihood of a breach. Should an incident occur, a well‑prepared response can limit damage and preserve beneficiary trust.

Serving as a trustee means accepting fiduciary duties that require diligence, prudence, and impartiality. Your responsibilities include reading and understanding the trust document, securing and managing trust assets, investing prudently, keeping accurate records, filing tax returns, communicating with beneficiaries, and making distributions consistent with the trust’s terms. It’s a role that demands organization, record keeping, and often the assistance of professionals.